American Home Shield 2010 Annual Report Download - page 88

Table of Contents
Notes to the Consolidated Financial Statements (Continued)
Note 7. Discontinued Operations (Continued)
The carrying amounts of the major classes of assets and liabilities for TruGreen LandCare are presented below.
As of December 31, 2010 2009
Assets:
Receivables, net $ 27,732 $ 30,327
Inventories and other current assets 23,245 23,921
Total Current Assets 50,977 54,248
Net property and equipment 22,498 19,790
Goodwill and intangible assets, net 9,899 61,805
Total Assets $ 83,374 $ 135,843
Liabilities:
Current liabilities $ 15,495 $ 15,950
Long-term liabilities 1,951 4,453
Total Liabilities $ 17,446 $ 20,403
Prior Year Dispositions
During the third quarter of 2008, the Company completed the sale of InStar for $22.0 million, with the payment of $3.0 million of that amount deferred
until November 2011. During the second quarter of 2008, the Company recorded a pre-tax impairment charge of $6.3 million as a result of a change in our
fair value estimate of InStar's net assets based on changing market conditions and the ongoing sales process. Upon the sale of InStar the Company recorded a
loss on sale, net of tax, of $0.5 million.
Financial Information for Discontinued Operations
Reported "loss from discontinued operations, net of income taxes" for all periods presented includes the operating results of the sold businesses noted
above. The operating results of discontinued operations are as follows:
Year Ended Dec. 31,
(In thousands) 2010 2009 2008
Operating Results:
Operating revenue $ — $ 64 $ 50,909
Operating loss (1,123) (1,811) (215)
Interest expense — — (73)
Impairment charge — — (6,317)
Pre-tax loss (1,123) (1,811) (6,605)
Benefit for income taxes (595) (699) (2,618)
Loss on sale, net of tax — — (539)
Loss from discontinued operations, net of income taxes $ (528) $ (1,112) $ (4,526)
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